Is it true that ALL BAI reps
are now BANKERS? Also heard they are not even paid for it!! True or False?
Yes...it's true. Unfortunately now that my client manager (aka private banker) got canned, I have to handle most of the banking needs of my clients. I'm doing this to keep them happy so they don't pull their investment accounts. I had to assist a few clients in renewing their CDs this week.
It's unbelievable, B of A canned these guys and we have taken over their responsibilities or risk losing clients. All of this of course without any extra pay/incentives.
I have 4 clients that needed to refinance and I recommended they go to another bank as it would be in their best interest. I can't let them get screwed by the fact we can't process loans anymore.
Anyone need a recruiter?
How long did it take you to figure out just the right wording for your post?
Supposedly we will be paid for all of the bank crap retroactive to April 1. What's awesome is that payouts were increased for advisors with LOS >5 years and gross under $150k....WTF?
B0NEHEAD, I think you're talking about the increase in grid for some of the FA's. It's an increase on the lower end. I don't think it applies to bank products.
Yeah, I haven't heard anything about receiving comp for bank products.
They only increased the grid payouts for FA I over 5 years LOS. I believe there was also an increase for some FA II on the lower end. I think they are trying to slow down the massive outflow of brokers but it's too little too later for many.
Typical of B of A to burn it's reps with shat payouts and then realize that they can't their brokers to get motivated and complain when rev is down. There are so many more reps working on exit strategies right now, this is only the beginning.
Our complex leadership did tell us that we would be paid for bank products. As usual they are behind the curve in deciding how to measure that production and how much they will pay. But they did say that it would be retroactive to April 1 production. As for the grid changes, I don't understand why they are focused on saving the lower producing FAs at the risk of pissing off the rest of us. Not sure why I'm surprised though, it's not like any of the decisions have made sense. Unless you look at it from the short-term context of Ken Lewis keeping his job and trying desperately to save his legacy and reputation.
I hope you are right bonehead about bank products. I have quite a bit in mortgages that are in underwriting and I'll take the extra cash (most likely spirit points).
Make sure your MLO has your social and CAI, I think that's how they are tracking it.
Even spirit points are no good anymore.
They're just too freakin cheap to do business like the way it should be.
This is the biggest cluster f***. Give it 12 months and all the CM's will be laid off when interest rates go up and refi's are dead. I listen to all the confernce calls between WMB, and commercial. None of these managers have any clue whats going on in each department, They all contradict them selves.